The bioplastics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bioplastics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The bioplastics market size has grown rapidly in recent years. It will grow from $9.22 billion in 2023 to $10.91 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to environmental concerns, government regulations, rise in oil prices, changing consumer preferences for eco-friendly products, increased demand for sustainable packaging.
The bioplastics market size is expected to see rapid growth in the next few years. It will grow to $20.48 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to rising food and beverage industry, growing automotive sector, global trade agreements, expansion in emerging markets. Major trends in the forecast period include advanced feedstock sourcing, bio-based materials for durables, industry collaboration, carbon neutrality focus.
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Scope Of Bioplastics Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bioplastics Market Overview
Market Drivers –
Increasing awareness about the importance of bioplastics is expected to drive the market going forward. Globally, there has been increasing awareness regarding the adverse effects of pollution caused by plastics manufacturing and disposal. According to a study by Pew Charitable Trusts and SYSTEMIQ, Ltd., the amount of plastic trash that flows into the oceans every year is expected to nearly triple by 2040 to 29 million metric tons, if left unchecked. All this contributes to the increasing pollution levels and making it necessary for customers to focus on sustainability. For instance, in 2022, according to the Ipsos Global Survey on Attitudes towards Single Use Plastics, at least 8 in 10 urban Indians accounting for 83% said they would like a complete ban on the usage of single use plastics (SUP). Thus, increasing awareness will encourage customers towards bioplastics, and will drive the bioplastics market.
Market Trends –
Companies in the market are focusing on increasing investment in environment-friendly bioplastics. Bioplastics are prepared from biodegradable and renewable resources such as proteins, starch, and polylactic acid (PLA). The number of available products and suppliers has increased in recent years leading to increase use of bioplastics in commercial markets across the globe. For example, in January 2022, Vikas Ecotech Limited plans to invest in the environment-friendly BioPlastics (PHA) technology and in the advance stage of finalizing a Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the ‘AuraPHA’) to produce Biodegradable Plastics.
The bioplastics market covered in this report is segmented –
1) By Type: Biodegradable, Non-Biodegradable
2) By Distribution Channel: Online, Offline
3) By Application: Rigid Packaging, Flexible Packaging, Textile, Agriculture And Horticulture, Consumer Goods, Automotive, Electronics, Building And Construction, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the bioplastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioplastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the bioplastics market include BASF SE, Corbion NV, Danimer Scientific Inc., Mitsubishi Chemical Holdings Corporation, Novamont S.p.A., Eastman Chemical Company, Futamura Group, Neste Oyj, NatureWorks LLC, Polymateria Ltd, TIPA Corp Ltd, Biome Bioplastics Limited, Braskem S.A., Indorama Ventures Public Company Limited, Teijin Limited, Toray Industries Inc., Toyota Tsusho Corporation, PTT MCC Biochem Co Ltd., An Phat Holdings Joint Stock Company, Saudi Basic Industries Corporation, Futerro SA, Trinseo S.A., Solvay SA, Trifilon AB, Biofase S.A. de C.V., Bioapply Polymers S.L., LyondellBasell Industries N.V., Avantium N.V., LCY Biosciences Inc., Kaneka Takasago Ltd.
Table of Contents
- Executive Summary
- Bioplastics Market Report Structure
- Bioplastics Market Trends And Strategies
- Bioplastics Market – Macro Economic Scenario
- Bioplastics Market Size And Growth
…..
- Bioplastics Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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